Mar 31, 2015
We have audited the accompanying financial statements of Ashiana Ispat
Limited ("the Company"), which comprise the Balance Sheet as at March
31,2015, the Statement of Profit and Loss and Cash Flow Statement for
the year then ended and a summary of significant accounting policies
and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material mis-statement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31 March 2015, and its profit and its cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the
Order,to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
c. The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of the written representations received from the
directors as on March 31,2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2015,
from being appointed as a director in terms of Section 164(2) of the
Act.
f. With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
I. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 33 to the
financial statements;
II. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
III. There has been no such amounts, required to be transferred during
the year , to the Investor Education and Protection Fund by the
Company.
Annexure to Independent Auditors' Report
We give hereinafter a statement on the matters specified in paragraphs
3 and 4 of Companies(Auditor's Report) Order, 2015, referred to in
paragraph 1 under the heading of "Report on other Legal and Regulatory
Requirements" of our report of even date:
1. a. The company has maintained records of Fixed Assets in statement
forms only.
b. According to the information & explanation given to us, the fixed
assets has been physically verified by the management during the year
in a phased periodical manner, which in our opinion, is reasonable
having regard to the size of the company and the nature of the assets.
No material discrepancies were noticed on such verification.
2. a. As explained to us, inventories have been physically verified by
the management at reasonable intervals during the year.
b. In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. In our opinion and according to information & explanation given to
us, The Company has maintained proper records of inventories. As
explained to us, there was no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. In respect of the loans, secured or unsecured, granted by the
companies to the companies, firm or other parties covered in the
registered maintained under section 189 of the Companies Act,2013 :
a.) The period for repayment of loan and interest thereon both is at
the discretion of the company.
b.) In respect of said loans and interest thereon, there are no
overdue amount.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. In our opinion and according to the information & explanation given
to us, the company has not accepted deposits from public within the
meaning of provision of Section 73 to 76 or any other relevant
provisions of the Companies Act,2013 and the Rules framed there under.
Hene the provision of clause (V) of paragraph 3 of Companies (Auditor's
Report) Order, 2015 is not applicable to the company.
6. In our opinion and according to the information and explanations
given to us, the cost records have been maintained by the company
pursuant to the Companies (Cost Records and Audit) Rule, 2014
prescribed the central government under section 148 (1) of the
Companies Act 2013 and are of the opinion that, prima facie, the
prescribed cost records have been made and maintained, however, we have
not made a detailed examination of such cost records.
7. a. According to the records of the Company, undisputed statutory dues
including Provident Fund, Employee State Insurance, Income Tax, Sales
tax, Wealth-tax, Service Tax, Custom Duty, Excise Duty, Cess and other
statutory dues have been generally regularly deposited with the
appropriate authorities except for delays in some cases. According to
the information and explanation given to us, no undisputed amount
payable in respect of the aforesaid dues were outstanding as at 31st
March,2015 for a period of more than six months from the date of
becoming payable.
b. The disputed statutory dues aggregating to Rs. 210.9 Lacs their
against Rs. 170.96 Lacs has been deposited under protest on account of
disputed matters pending before appropriate authorities as per details
given below:
Name of the Nature of the Period to which the Amount
Statute Dues amount relates (Rs. in Lacs)
Income Tax A.Y.2010-11
Income Tax Act Matters 2011-12 2012-13 171-33
Centra Excise Central Excise F.Y. 2001-02 1.02
Act & Finance Duty
Service tax F.Y. 2008-09 38.55
Name of the Forum where Dispute is pending
Statute
CIT (Appeals),Jaipur
Income Tax Act
High Court of Rajasthan- Jaipur
Centra Excise
Act & Finance
Act CESTAT- Delhi
c. According to the information and explanation given to us, there is
no such amount required transferred during the year to investor
education and protection fund in accordance with the relevant
provisions of Companies Act, 1956 and rules made there under.
8. The Company does not have accumulated Losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by our audit or in the immediately preceding
financial year.
9. Based on our audit procedure and according to the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayment of dues to financial institution or banks.
The company has not issued any debenture.
10. According to the information and explanation given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
11. According to the information and explanation given to us, and
record examined by us the company has taken Car Loan during during the
year. The same has been applied for the respective purpose.
12. According to the information and explanation given to us, no fraud
on or by the company has been noticed and reported during the year.
For S.SINGHAL & CO.
Chartered Accountants
(Reg No.001526C)
Date: 30.05.2015
Place: Bhiwadi
(R.K.Gupta)
PARTNER
M.No073846
Mar 31, 2014
We have audited the accompanying financial statements of ASHIANA ISPAT
LTD ("the Company") which comprise the Balance Sheet as at 31 March
2014, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the general circular
15/2013 dated 13th September, 2013of the ministry of corporate affairs
in respect of section 133 of the companies Act, 2013 in accordance with
the accounting principles generally accepted in India. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditors'' judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
I. in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
ii. in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
iii. in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956 read with
the general circular 15/2013 dated 13th September, 2013 of the ministry
of corporate affairs in respect of section 133 of the companies Act,
2013.
e. On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date
1. In respect of its fixed assets:
(a) The Company has maintained records of Fixed Assets in statement
form only.
(b) All the fixed assets have been physically verified by the
management at reasonable intervals. We are informed that the management
on such verification noticed no material discrepancies.
(c) During the year the company has disposed off/discarded old vehicles
and old rolling mill rolls which do not affect the going concern status
of the company.
2. In respect of its inventories:
(a) Physical verification of Inventory has been conducted during the
year by the management at reasonable intervals.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The Company is maintaining proper records of Inventory. As
explained to us there were no material discrepancies noticed on
physical verification.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
(a) The Company has taken Loans from Twenty Four Parties covered in the
register maintained under section 301 of the Companies Act 1956. The
amount involved in loans taken & credited in all accounts is Rs. 803.74
Lacs. Opening Balance and Closing Balance of all these accounts are Rs.
1296.22 Lacs and Rs. 1677.64 Lacs respectively. The company has not
granted loans to Companies, Firm or other parties listed in the
register maintained under section 301 of the Companies act, 1956.
(b) The rate of interest and other terms and conditions of loans taken
by the company are not prima facie prejudicial to the interest of the
Company.
(c) The Company has unconditional right on repayment of Long Term
Unsecured Loans and interest and the short term unsecured loans are
repayable on demand.
(d) There is no overdue amount in respect of loans taken by the
Company.
4. In our opinion and according to information and explanation given
to us there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business, for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of audit, we have not observed any major weakness in
internal controls.
5. (a) In our opinion and according to the information and explanation
given to us the transactions that need to be entered into a register in
pursuance of section 301 of the Companies Act 1956 have been so
entered.
(b) Transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7. The Company did not have any formal internal audit system. However
internal check and control are maintained by the management.
8. We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1) (d) of the
Companies Act, 1956 and are of the opinion that Prima facie the
prescribed cost records are maintained for the product of the Company.
We have. However not made a detailed examination of the cost records
with a view to determine whether they are accurate or complete.
9. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employee''s State Insurance, and Income Tax,
Sales tax, Wealth tax, Service Tax, Customs Duty, Excise Duty, Cess and
other statutory dues have been generally regularly deposited with the
appropriate authorities except delay in few cases. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at 31st March,
2014 for a period of more than six months from the date of becoming
payable.
b) The disputed statutory dues aggregating to Rs. 949.66 Lacs their
against Rs. 674.33 Lacs has been deposited under protest that have on
account of matters pending before appropriate authorities are as under:
Sr. Name of the Period to which Forum where the Amount.
No. Statute the amount relates dispute is pending (In Lacs)
1. Central Excise FY 2001-02 High Court Jaipur Rs.1.02
Act, 1944
Excise Duty
2. Finance Act 1994 FY 2008-09 CESTAT, Delhi Rs.38.55
Service tax
Refund
3. Haryana VAT Act FY 2003-04, Cases Remand back Rs.15.46
VAT tax 04-05, 06-07, with DETC Mewat,
Haryana
4. Income Tax Act, AY2003-04 - ITAT, Jaipur, Comm., Rs.570.14
1961 Income tax AY 2009-10 Appeals Jaipur
5. Income Tax Act, AY 2004-05 - CIT Appeals Jaipur Rs.324.49
1961 Income tax AY 2011-12
10. The Company has no accumulated losses. The Company has not
incurred cash losses during the financial year covered by our audit and
in the immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions and banks.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
benefits fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Amendment Order 2004 is not applicable to the
Company.
14. The Company has not carried out of any transactions of trading in
securities during the year.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. During the year company has taken vehicle term loan which has been
utilized for respective purpose.
17. According to the information and explanations given and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that no funds raised on short-term basis have been utilized for
long-term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the question of
creating securities in respect of debentures issued does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to the materially
misstated.
For S. Singhal & Co.
Chartered Accountants
(RegistrationNo.-001526C)
(R.K. Gupta)
Partner
Membership No. 073846
Place: Bhiwadi
Date: 30th May 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of ASHIANA ISPAT
LTD ("the Company") which comprise the Balance Sheet as at 31 March
2013, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of significant accounting policies
and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error. Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditors''judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for ouraudit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India: I. in the case of the balance sheet, of
the state of affairs of the Company as at 31 March 2013; ii. in the
case of the statement of profit and loss, of the profit forthe year
ended on that date; and iii. in the case of the cash flow statement,
of the cash flows forthe year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we reportthat:
a. we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary forthe purpose of
ouraudit;
b. in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c. the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956; and
e. On the basis of written representations received from the directors
as on 31 March 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report
Referred to in Paragraph 1 under the heading of "Report on other Legal
and Regulatory Requirements" of our report of even date
1. In respect of its fixed assets:
(a) The Company has maintained records of Fixed Assets in statement
form only.
(b) All the fixed assets have been physically verified by the
management at reasonable intervals. We are informed that the management
on such verification noticed no material discrepancies.
(c) During the year the company has disposed off/discarded old vehicles
and old rolling mill rolls which do not affect the going concern status
of the company.
2. In respect of its inventories:
(a) Physical verification of Inventory has been conducted during the
year by the management at reasonable intervals.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The Company is maintaining proper records of Inventory. As
explained to us there were no material discrepancies noticed on
physical verification.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956:
(a) The Company has taken Loans from Twenty Four Parties covered in the
register maintained under section 301 of the Companies Act 1956. The
amount involved in loans taken & credited in all accounts is Rs. 656.75
Lacs. Opening Balance and Closing Balance of all these accounts are Rs.
1256.79 Lacs and Rs. 1296.22 Lacs respectively. The company has not
granted loans to Companies, Firm or other parties listed in the
register maintained undersection301 ofthe Companies act, 1956.
(b) The rate of interest and other terms and conditions of loans taken
by the company are not prima facie prejudicial to the interest of the
Company.
(c) The Company has unconditional right on repayment of Long Term
Unsecured Loans and interest and the short term unsecured loans are
repayable on demand.
(d) There is no overdue amount in respect of loans taken by the
Company.
4. In our opinion and according to information and explanation given
to us there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business, for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of audit, we have not observed any major weakness in
internal controls.
5. (a) In our opinion and according to the information and explanation
given to us the transactions that need to be entered into a register in
pursuance of section 301 ofthe Companies Act 1956 have been so entered.
(b) Transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the
meaning of section 58Aand 58AAof the Companies Act, 1956 and the rules
framed there under.
7. The Company did not have any formal internal audit system. However
internal check and control are maintained by the management.
8. We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1) (d) of the
Companies Act, 1956 and are of the opinion that Prima facie the
prescribed cost records are maintained in general for the product of
the Company. We have. However not made a detailed examination of the
cost records with a view to determine whether they are accurate or
complete.
9. In respect of statutory dues:
According to the records of the Company, undisputed statutory dues
including Provident Fund, Employee''s State Insurance, and Income Tax,
Sales tax, Wealth tax, Service Tax, Customs Duty, Excise Duty, Cess and
other statutory dues have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2013 for a period of more than
six months from the date of becoming payable.
10. The Company has no accumulated losses. The Company has not
incurred cash losses during the financial year covered by our audit and
immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions and banks
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
benefits fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor''s Report) Amendment Order 2004 is not applicable to the
Company.
14. The Company has not carried out of any transactions of trading in
securities during the year.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. No Term Loans have been taken during the year by the Company.
17. According to the information and explanations given and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that no funds raised on short-term basis have been utilized for
long-term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the question of
creating securities in respect of debentures issued does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to the materially
misstated.
For S.Singhal & Co.
Chartered Accountants
(R.K. Gupta)
Partner
Membership No. 073846
PLACE: BHIWADI
DATE: 31st May 2013
Mar 31, 2012
We have audited the annexed Balance Sheet of M/s ASHIANA ISPAT LTD as
at 31st March 2012, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended on that date annexed thereto. These
Financial Statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
Financial Statements based on our audit.
1. We have conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on test basis evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used in significant estimates made
by management, as well as evaluating the over all financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by Companies (Auditor's Report) Amendment Order 2004
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956. We enclose in the annexure a statement on
the matters Specified in paragraphs 4 & 5 of the said Order.
3. Further to put our comments in the annexure referred to in
paragraph 2 above we state that
(a) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
(c) The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
(d) In our opinion the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards wherever applicable referred to in sub section
(3C) of Section 211 of the Companies Act, 1956;
(e) On the basis of written representation received from the Directors
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2012 from being appointed as a Director in terms of Section 274(1)(g)
of the Companies Act, 1956;
(f) We report that in our opinion and to the best of our information
and according to the explanation given to us the said accounts read
together with the Significant Accounting Policies and notes thereon
give the information required by the Companies Act, 1956 in the manner
so required and give a true & fair view in conformity with the
accounting principles generally accepted in India:
(i) In the case of the Balance Sheet, of the State of Affairs of the
Company as at 31st March, 2012;
(ii) In the case of the Statement of Profit & Loss, of the Profit for
the year ended on 31st March, 2012 and
(iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on 31st March, 2012.
Annexure to Auditors' Report
Referred to in paragraph 2 of our report of even date of M/s Ashiana
Ispat Ltd.
1. (a) The Company has maintained records of Fixed Assets in statement
form only.
(b) All the fixed assets have been physically verified by the
management at reasonable intervals. We are informed that the management
on such verification noticed no material discrepancies.
(c) During the year the company has disposed off/discarded old vehicles
and old rolling mill rolls which do not affect the going concern status
of the company.
2. (a) Physical verification of Inventory has been conducted during
the year by the management at
reasonable intervals.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The Company is maintaining proper records of Inventory. As
explained to us there were no material discrepancies noticed on
physical verification.
3. (a) The Company has taken Loans from Twenty Six Parties covered in
the register maintained
under section 301 of the Companies Act 1956. The amount involved in
loans taken & credited in all accounts is Rs. 660.21 Lacs. Opening
Balance and Closing Balance of all these accounts are Rs. 1054.29 Lacs
and Rs. 1256.79 Lacs respectively. The company has not granted loans to
Companies, Firm or other parties listed in the register maintained
under section 301 of the Companies act, 1956.
(b) The rate of interest and other terms and conditions of loans taken
by the company are not prima facie prejudicial to the interest of the
Company.
(c) The Company has unconditional right on repayment of Long Term
Unsecured Loans and interest and the short term unsecured loans are
repayable on demand.
(d) There is no overdue amount in respect of loans taken by the
Company.
4. In our opinion and according to information and explanation given
to us there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business, for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of audit, we have not observed any major weakness in
internal controls.
5. (a) In our opinion and according to the information and explanation
given to us the transactions
that need to be entered into a register in pursuance of section 301 of
the Companies Act 1956 have been so entered.
(b) Transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the
meaning of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
7. The Company did not have any formal internal audit system. However
internal check and control are maintained by the management.
8. We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rules,2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act ,1956 and are of the opinion that Prima facie the
prescribed cost records are maintained in general for the product of
the Company. We have however not made a detailed examination of the
cost records with a view to determine whether they are accurate or
complete.
9. In respect of statutory dues:
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employee's State Insurance, Income Tax, Sales
tax, Wealth tax, Service Tax, Customs Duty, Excise Duty, Cess and other
statutory dues have been generally regularly deposited with the
appropriate authorities except delay in few cases. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the
aforesaid dues were outstanding as at 31st March, 2012 for a period of
more than six months from the date of becoming payable.
' b) The disputed statutory dues aggregating to Rs. 890.18 Lacs their
against Rs. 454.33 Lacs has been deposited under protest that have on
account of matters pending before appropriate authorities are as
under:
Sr. Name of
the Statute Period to
which Forum where the Amount.
No. the amount
relates dispute is pending (In Lacs)
1 Central
Excise Act,
1944 FY 2001-02 High Court Jaipur 1.02
2 Central
Excise Act,
1944 FY 2006-07 CESTAT Delhi Rs. 2.15
3 Finance Act
1994 FY 08-09 CESTAT, Delhi Rs. 38.55
4 Haryana
VAT Act FY 03-04, Appeal with Joint
04-05, 06-07, Commissioner,
Faridabad Rs. 15.46
5 Rajasthan
VAT Act FY 04-05, Tax Board, Ajmer Rs. 47.45
FY 05-06
6 Income Tax
Act, 1961 AY 03-04 to ITAT, Jaipur Rs. 785.55
AY 2009-10
10. The Company has no accumu lated losses. The Company has not
incurred cash losses during the financial year covered by our audit and
immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions and banks
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
benefits fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Amendment Order 2004 is not applicable to the
Company.
14. The Company has not carried out of any transactions of trading in
securities during the year.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. No Term Loans have been taken during the year by the Company.
17. According to the information and explanations given and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that no funds raised on short-term basis have been utilized for
long- term investment.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the question of
creating securities in respect of debentures issued does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to the materially
misstated.
For S. Singhal & Co.
Chartered Accountants
(R.K. Gupta)
Partner
Membership No. 073846
PLACE; BHIWADI
DATE; 31st July 2012
Mar 31, 2011
We have audited the annexed Balance Sheet of M/s ASHIANA ISPAT LTD as
at 31st March 2011 and the Profit and Loss Account for the year ended
on that date annexed thereto and Cash Flow Statement for the year ended
on that date. These Financial Statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on
these Financial Statements based on our audit.
1. We have conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on test basis evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used in significant estimates made
by management, as well as evaluating the over all financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by Companies (Auditor's Report) Amendment Order 2004
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956. We enclose in the annexure a statement on
the matters Specified in paragraph 4 & 5 of the said Order.
3. Further to put our comments in the annexure referred to in
paragraph 2 above we state that :-
(a) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
(d) In our opinion the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards wherever applicable referred to in sub section (3C) of
Section 211 of the Companies Act, 1956.
(e) On the basis of written representation received from the Directors
as on 31s' March, 2011 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2011 from being appointed as a Director in terms of Section 274(1 )(g)
of the Companies Act, 1956.
(f) We report that in our opinion and to the best of our information
and according to the explanation given to us the said accounts read
together with the notes thereon give the information required by the
Companies Act, 1956 in the manner so required and give a true & fair
view in conformity with the accounting principles generally accepted in
India:
(i) In the case of Balance Sheet of the State of Affairs of the Company
as at 31st March, 2011;
(ii) In the case of Profit & Loss Account of the Profit of the Company
for the year ended on 31st March,2011 and
(iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on 31st March, 2011.
Annexure to Auditors' Report
Refer to in paragraph 2 of our report of even date of M/s Ashiana Ispat
Ltd.
1. (a) The Company has maintained records of Fixed Assets in statement
form only.
(b) All the fixed assets have been physically verified by the
management at reasonable intervals. We are informed that the management
on such verification noticed no material discrepancies.
(c) The company has not disposed off substantial fixed assets during
the year and the going concern status of the company in not affected.
2. (a) Physical verification of Inventory has been conducted during
the year by the management at reasonable intervals.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The Company is maintaining proper records of Inventory. As
explained to us there were no material discrepancies noticed on
physical verification.
3. (a) The Company has taken Loans from Twenty Seven Parties covered
in the register maintained under section 301 of the Companies Act 1956.
The amount involved in loans taken & credited in all account is
Rs.3234.57Lacs. Opening Balance and Closing Balance of all these
accounts are Rs. 746.70 Lacs and Rs. 1054.29 Lacs respectively. The
company has not granted any loan to Companies, Firm or other parties
listed in the register maintained under section 301 of the Companies
act, 1956 except loan given to M/s Ashiana Commodities & Derivatives
Pvt. Ltd, without interest having opening Balance Rs.95.48 Lacs and
Closing Balance Rs.96.30 Lacs.
(b) The rate of interest and other terms and conditions of loans taken
by the company are not prima facie prejudicial to the interest of the
Company.
(c) The payment of the principal amount and interest thereon is on
demand.
(d) There is no overdue amount in respect of loans taken by the
Company.
4. In our opinion and according to information and explanation given
to us there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business, for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of audit, we have not observed any major weakness in
internal controls.
5. (a) In our opinion and according to the information and explanation
given to us the transactions that need to be entered into a register in
pursuance of section 301 of the Companies Act 1956 have been so
entered.
(b) Transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the
meaning of section 58A and 58AAof the Companies Act, 1956 and the rules
framed there under.
7. The Company did not have any formal internal audit system. However
internal check and control are maintained by the management.
8. In our opinion the cost records maintained by the company are
general and not in precise manner as prescribed by the Central
Government U/s 209(1) (d) of the Companies Act 1956 for the product of
the company. We have however not made a detailed examination of these
cost records.
9. In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employee's State Insurance, Income Tax, Sales
tax, Wealth tax, Service Tax, Customs Duty, Excise Duty, Cess and other
statutory dues have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2011 for a period of more than
six months from the date of becoming payable.
(b) The disputed statutory dues aggregating to Rs. 892.01 Lacs their
against Rs. 182.72 Lacs has been deposited under protest that have on
account of matters pending before appropriate authorities are as under:
10. The Company has no accumulated losses. The Company has not
incurred cash losses during the financial year covered by our audit and
immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions and banks
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
benefits fund/society. Therefore, clause 4(xiii) of the Companies
(Auditor's Report) Amendment Order 2004 is not applicable to the
Company.
14. The Company has not carried out of any transactions of trading in
securities during the year.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. Term Loans (Car Loan) raised during the year have been applied for
respective purpose (Buying Cars).
17. According to the information and explanations given and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that funds raised on short-term basis have been utilized for
long-term purposes to the tune of Rs. 100.87 lacs.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the question of
creating securities in respect of debentures issued does notarise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to the materially
misstated.
For S.Singal & Company
Chartered Accountants
FirmRegn. No. 001526C
Sd/-
Place: Bhiwadi (Rakesh Gupata)
partner
Date:10.08.2011 M.S.No. 073846
Mar 31, 2010
We have audited the annexed Balance Sheet of M/s ASHIANA ISPAT LTD as
at 31st March 2010 and the Profit and Loss Account for the year ended
on that date annexed thereto and Cash Flow Statement for the year ended
on that date. These Financial Statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these Financial Statements based on our audit.
1. We have conducted our audit in accordance with Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining on test basis evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used in significant estimates made
by management, as well as evaluating the over all financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by Companies (Auditors Report) Amendment Order 2004
issued by the Central Government of India in terms of Section 227 (4A)
of the Companies Act, 1956. We enclose in the annexure a statement on
the matters Specified in paragraph 4 & 5 of the said Order.
3. Further to put our comments in the annexure referred to in
paragraph 2 above we state that :-
(a) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of
ouraudit.
(b) In our opinion proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books.
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
(d) In our opinion the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards wherever applicable referred to in subsection (3C) of Section
211 of the Companies Act, 1956.
(e) On the basis of written representation received from the Directors
as on 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2010 from being appointed as a Director in terms of Section 274(1
)(g)ofthe Companies Act, 1956.
(f) We report that in our opinion and to the best of our information
and according to the explanation given to us the said accounts read
together with the notes thereon give the information required by the
Companies Act, 1956 in the manner so required and give a true & fair
view in conformity with the accounting principles generally accepted in
India:
(i) In the case of Balance Sheet of the State of Affairs of the Company
as at 31st March, 2010;
(ii) In the case of Profit & Loss Account of the Profit of the Company
for the year ended on 31st March, 2010 and
(iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on 31st March, 2010.
ANNEXURE TO AUDITORS REPORT
Refer to in paragraph 2 of our report of even date of M/s Ashiana Ispat
Ltd.
1. (a) The Company has maintained records of Fixed Assets in statement
form only.
(b) All the fixed assets have been physically verified by the
management at reasonable intervals. We are informed that the management
on such verification noticed no material discrepancies.
(c) The company has not disposed off substantial fixed assets during
the year and the going concern status of the company in not affected.
2. (a) Physical verification of Inventory has been conducted during
the year by the management at reasonable intervals.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) The Company is maintaining proper records of Inventory. As
explained to us there were no material discrepancies noticed on
physical verification.
3. (a) The Company has taken Loans from Twenty Six Parties covered in
the register maintained under section 301 of the Companies Act 1956.
The maximum amount involved in loans taken & credited in all account is
Rs. 614.56 Lacs. Opening Balance and Closing Balance of all these
accounts are Rs. 959.31 Lacs and Rs. 746.70 Lacs respectively. The
company has not granted any loan to Companies, Firm or other parties
listed in the register maintained under section 301 of the Companies
act, 1956 except loan given to M/s Ashiana Commodities & Derivatives
Pvt. Ltd having Opening and closing balance same as Rs. 95.48 Lacs.
(b) The rate of interest and other terms and conditions of loans taken
by the company are not prima facie prejudicial to the interest of the
Company.
(c) The payment of the principal amount and interest thereon is on
demand.
(d) There is no overdue amount in respect of loans taken by the
Company.
4. In our opinion and according to information and explanation given
to us there are adequate internal control procedures commensurate with
the size of the Company and the nature of its business, for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of audit, we have not observed any majorweakness in internal
controls.
5. (a) In our opinion and according to the information and explanation
given to us the transactions that need to be entered into a register in
pursuance of section 301 of the Companies Act 1956 have been so
entered. (b) Transactions made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having
regard to the prevailing market prices at the relevant time.
6. The Company has not accepted deposits from the public within the
meaning of section 58Aand 58AAof the Companies Act, 1956 and the rules
framed there under.
7. The Company did not have any formal internal audit system. However
as informed by the management in view of other internal check and
control maintained by the company a separate audit system is not
considered necessary.
8. In our opinion the cost records maintained by the company are
general and not in precise manner as prescribed by the Central
Government U/s 209(1 )(d) of the Companies Act 1956 for the product of
the company. We have however not made a detailed examination of these
cost records.
9. In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees State Insurance, Income Tax, Sales
tax, Wealth tax, Service Tax, Customs Duty, Excise Duty, Cess and other
statutory dues have been generally regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2010 for a period of more than
six months from the date of becoming payable.
(b) The disputed statutory dues aggregating to Rs. 63.52 Lacs their
against Rs. 29.22 Lacs has been deposited under protest that have on
account of matters pending before appropriate authorities are as under:
Sr.No. Name of the Nature of Forum where Amount
Statute the Dues dispute is (Rs.lnLacs)
pending
1) Central Excise Excise High Court
Jaipur Rs.1.02
Act, 1944
2) Central Excise Excise CESTAT, Delhi Rs.2.15
Act, 1944
3) Income Tax
Act,1961 Income Tax CIT(Appeals),
Alwar Rs.5.13
4) Sales Tax Act Sales Tax Appeal with DC
Appeal, Rs.47.45
Bhiwadi
5) Sales Tax Act Sales Tax Appeal with
Joint Rs.7.77
Commissioner,
Faridabad
10. The Company has no accumulated losses. The Company has not
incurred cash losses during the financial year covered by our audit and
immediately preceding financial year.
11. Based on our audit procedures and according to the information and
explanation given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions and banks
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
benefits fund/society. Therefore, clause 4(xiii) of the Companies
(Auditors Report) Amendment Order 2004 is not applicable to the
Company.
14. The Company has not carried out of any transactions of trading in
securities during the year.
15. The Company has not given guarantees for loans taken by others
from banks or financial institutions.
16. Term Loans (Car Loan) raised during the year have been applied for
respective purpose (Buying Cars).
17. According to the information and explanations given and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that funds raised on short-term basis have been utilized for
long- term purposes to the tune of Rs. 109.64 laks.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Hence the question of
creating securities in respect of debentures issued does not arise.
20. The Company has not raised any money by way of public issue during
the year.
21. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to the materially
misstated.
ForS.Singhal&Co.
Chartered Accountants
(R.K. Gupta)
Place: Bhiwadi Partner
Date:29.06.2010 Membership No. 073846